Ok so the theory is a 29 minute limit is not set on this unit. May only apply to cameras/Cybershots in that case. So far, my Tablet has been recording for 34 minutes so I can assume that the unit can record until the battery dies or the memory is full. It does have a time lapse feature which you can set to take a photo at a set interval which then puts it together into a video at the end which makes it handy.
Settings wise, on the current setup/program it will only record to the internal memory. The option of recording straight to SD may be possible but a third party app would be required.
Hope that helps. 